Tesla (NASDAQ:TSLA) Price Target Lowered to $482.00 at Canaccord Genuity Group

Tesla (NASDAQ:TSLA) had its target price cut by Canaccord Genuity Group from $490.00 to $482.00 in a research report report published on Thursday morning, Marketbeat Ratings reports. They currently have a buy rating on the electric vehicle producer’s stock.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. boosted their price objective on shares of Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. Baird R W raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 19th. Barclays restated a “negative” rating and issued a $350.00 target price (up previously from $275.00) on shares of Tesla in a report on Thursday, October 16th. Industrial Alliance Securities set a $300.00 target price on shares of Tesla in a report on Monday, October 13th. Finally, Stifel Nicolaus set a $483.00 target price on shares of Tesla and gave the company a “buy” rating in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, twelve have given a Hold rating and eleven have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $380.97.

Tesla Stock Performance

NASDAQ TSLA opened at $448.98 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla has a fifty-two week low of $214.25 and a fifty-two week high of $488.54. The stock has a market cap of $1.49 trillion, a PE ratio of 299.32, a PEG ratio of 15.78 and a beta of 2.08. The firm’s fifty day moving average price is $396.00 and its two-hundred day moving average price is $338.45.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.72%. The company had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same quarter in the previous year, the firm posted $0.72 earnings per share. Tesla’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities analysts expect that Tesla will post 2.56 EPS for the current fiscal year.

Insider Activity

In other news, Director James R. Murdoch sold 120,000 shares of the business’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director directly owned 697,031 shares of the company’s stock, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 202,606 shares of company stock worth $75,588,902. Company insiders own 19.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Chapman Financial Group LLC purchased a new stake in shares of Tesla during the 2nd quarter valued at approximately $26,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla during the 1st quarter valued at approximately $27,000. Chelsea Counsel Co. lifted its stake in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Centennial Bank AR lifted its stake in shares of Tesla by 833.3% during the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after buying an additional 100 shares in the last quarter. Finally, LGT Financial Advisors LLC purchased a new stake in shares of Tesla during the 2nd quarter valued at $29,000. 66.20% of the stock is owned by institutional investors.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.